India’s prominent retail group Shoppers Stop have reported a 9 per cent increase in gross retail turnover to Rs 3732 million in the quarter ended December 31, 2008 as compared to Rs 3412 million for the same period last year.
Gross margin was reported at Rs 1239 million for the quarter as compared to Rs 1101 million posted in the corresponding quarter last year, a growth of 13 per cent.
Govind Shrikhande, customer care associate and CEO, Shoppers Stop, said, “Our First Citizen’s contribution to overall revenue has increased to 72 per cent in Q3FY08. Our targeted customer engaging offers have helped us in increasing customer involvement with the brand.”
For the nine months, gross retail turnover was reported at Rs 10501 million compared to Rs 8834 million in the corresponding period last year; a jump of 19 per cent.
BS Nagesh, customer care associate and managing director, Shoppers Stop, said: “Our approach to building modern retail in India is very focused. We continue to be consistent in our approach and growth strategy. We remain confident on the long-term outlook of modern retail in India.”
At the end of the quarter, while the company owned a total retail area of 1.82 million square feet, two stores of Shoppers Stop were launched at Vashi and Jaipur. Further, the company, during the quarter, opened its fourth HomeStop at Vashi and six Crossword stores across India.
— IndiaRetailing Bureau